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Sunday, June 6, 2010

Friday, during regular trading hours, there were many stocks that continued to break out to the upside. Below is a list of stocks that are worth watching for June 7, 2010. Also, check out some of the biggest stock gainers of the Day. You can also find previous stocks to buy reports - Right Here

Jones Soda Co. (JSDA) - Shares of Jones Soda Co. continue to be high on my watchlist even as the stock market falls. Resistance is located at $1.94, $2.10 & $2.21. If Jones Soda breaks up through one of these levels, I think it can go to the next.

Bank of America Corp. (BAC) - Shares of Bank of America Corp. continue to trend along with the 10 day moving average now located at $15.69. This moving average is now starting to trend higher which is bullish for the stock. If you are looking to get into Bank of America for the long term, wait for the stock to close above It's 200 day moving average located at $16.51. This would be a huge buy signal going forward.

Goldman Sachs Group Inc. (GS) - Shares of Goldman Sachs Group Inc appear to have finally bottomed. Resistance on the upside is located at $145.90 & $150.00. This stock was up most of the day Friday with the stock market lower....very bullish.

Direxion Daily Financial Bear 3X Shares (FAZ) Daily Finan. Bull 3X Shs(ETF)(FAS) - FAS broke support of $23 on Friday and I am now waiting patiently to trade this stock under $21. I am hoping for a big drop on Monday so I can get back into FAS. I'd also add to my position if FAS falls below $20 as well. Buy the dips, sell the rips.

Ambac Financial Group, Inc. (ABK) - Shares of Ambac Financial Group, Inc. pulled back again on Friday after a huge run up in the past week. Support at $1.11 must hold on the downside.

American Intl Group, Inc. (AIG) - Shares of American Intl Group, Inc. are trading near $35 but the big volatility seems to have disipated. At this point, I'd only be buying AIG on a break above $37.

Baidu, Inc. (BIDU) - Shares of Baidu, Inc. look very strong right now and the major sellers appear to be long gone. I'd be a buyer of pullbacks under $67.50 with a tight stop located at $66. If we see Baidu trade under $68 again, I think it would be a gift.

Chesapeake Energy Corporation (CHK) - Shares of Chesapeake Energy Corporation have spiked over 20% in the past eight trading sessions. Natural Gas is breaking out to the upside with resistance near $5.00. This spike finally seems to be real which means these natural gas stocks could really start to move. I like pullbacks below $23 on Chesapeake Energy.

Advanced Micro Devices Inc. (AMD) - Shares of Advanced Micro Devices continue to be all over the place but offer huge opportunity. I like pullbacks below $8 and would sell on spikes to $9.

Sirius XM Radio (SIRI) - Shares of Sirius XM Radio continue to trade around $1.00 on very low volume. Resistance is located at $1.04, $1.13, and then $1.25. Pullbacks below $0.90 are a strong buy.

Research In Motion Ltd. (RIMM) - Shares of Research in Motion Ltd. continue to be strong and now have support at $60. I like pullbacks below $60. Research in Motion is a solid long term smartphone stock play and could even be a buyout candidate.

Cell Therapeutics, Inc. (CTIC) - Shares of Cell Therapeutics, Inc. continue to drop as bankruptcy appears more and more likely. Right now, I'd be avoiding Cell Therapeutics until it breaks above $0.55.

Citigroup Inc (NYSE:C) closed back below the 10 day moving average on Friday as the stock market tanked. Citigroup Inc has support down at $3.70 but then nothing until around $3.53. In my book, Citigroup Inc is a strong buy anywhere below $3.80 and when this market turns around, will probably run back to $4.50-$5 per share.

For a lower risk trade, wait to buy Citigroup on a close above the 200 day moving average located at $4.05. Citigroup failed at this level earlier in the week and is now a huge resistance level going forward.

Apple Inc (AAPL) is pulling back to It's 10 & 50 day moving averages which should provide some nice support for the stock. Apple has resistance on the upside between $265-$266, a close above $265 would be bullish and I think a new 52 week high will be made shortly after. I'd be a buyer of Apple on any pullbacks below $240. iPad sales are going through the roof!